With blogs, such as this, or any social media connection—email, text, online media in general—it seems that building relationships has become a lost art. However, I beg to differ and will explain.
Category Management is extremely valuable to organizations that conduct sourcing initiatives. This is especially true if they want to capture key knowledge around a specific sourcing category integrated within the corresponding organizational spend. This allows for ongoing category-specific measurements, such as rebate programs and Diversity Spend relative to specific items. It’s also essential for managing the overall status of the sourcing program to continually capture the intended cost savings.
How much should procurement really care about contract management?
A lot. More and more, procurement is being asked to improve supplier relationships and reduce supply chain risk. According to research by Spend Matters, procurement should be analyzing contracts during negotiation to increase successful agreement and execution, and predict disputes before they occur with the help of contract management tools.
Post #1 & #2 of this series looked at how General Counsel is (and may always be) linked to risk. But the role – and influence – of General Counsel has expanded. Technology and data are helping legal teams add value to an enterprise. Going beyond risk and compliance to support the bottom line. This article is about increasing their effectiveness – and clout – with contract management tools.
Technology is pervasive in our everyday life – it’s smart, fast, intuitive and everywhere. Business technologies, on the other hand, are only now starting to catch up. Today, procurement leaders are taking advantage of tech trends that share some of the best aspects of social, commercial and B2C platforms – and are achieving impressive results.
Post #1 of this series looked at how Brett Hart, General Counsel at United Airlines, became their interim CEO. He not only understood risk, and how to intelligently manage it, but he also had a deep understanding of the company’s business and strategy, and how to deliver. In this next post we’re taking a closer look at how the role of General Counsel has matured. We covered examples of impressive success and are now looking at some distressing failures.
The role of General Counsel (GC) is growing in importance and has become a stepping-stone to titles like Chief Risk Officer and CEO. Risk and compliance are still important to the success of an organization. But there’s more to being the Chief Risk Officer or CEO. In this series, we are looking at examples of General Counsel succeeding and failing. We also investigate how to add value across an enterprise with contract management technology.
In my last blog I discussed how procurement’s evolution has spurred the need for increased attention to compliance. By decentralizing day-to-day purchasing, extending it to organizational “consumers,” the process has been made more efficient — as long as everyone stays within the guidelines. In this post we examine the bigger picture of procurement compliance; that is, aligning procurement processes with broader organizational goals.
In this blog series we’re taking a close look at how procurement’s maturity curve affects its focus. Two recent posts covered procurement’s first priority – savings. Now we set our sights on compliance. First, we’ll examine how the evolving role of procurement has created an environment where increased attention to compliance is imperative; on the follow-up post we’ll explore how to improve compliance through enterprise alignment.
In a recent Determine webinar I had the chance to talk about procurement trends and cloud computing with Mihir Nanavati, SVP of Product at Tradeshift, and Julien Nadaud, Determine’s Chief Product Officer. Considering the two areas, which are changing rapidly and having an enormous impact on each other, it was enlightening to hear what these two experts had to say.